The Australian Stock Exchange canceled the launch of the estimated platform on the blockchain – Bits Media

Australian Stock Exchange (ASX) For several years now it has been developing a replacement for its clearing system with the use of blockchain. However, it was decided to refuse the project.

The plans for creating a Chess replacement were announced in 2017 year. But, it seems, Development the calculated system on the blockchain turned out to be much more time -consuming, than expected. Testing and introducing a new system was postponed several times and, It was supposed, that it will be launched in 2023 year. Now it was decided to completely abandon the project. Development costs amounted to about $170 million.

“ASX will re -evaluate all aspects of the Chess replacement project after the completion of the independent check by Accenture and its own audit department. It was decided to cancel the development of the CHESS replacement in connection with the uncertainty of the deadlines and functions of the solution. Resulting in, in the first quarter 2023 years at loss will be written off 245-255 Mill of Australian dollars. Influence on dividends will not be exerted ", -said in the ASX press release.

Initially assumed, that the new system will "combine innovations and the most modern technologies with safety and reliability". However, the analysis of the solution developed showed, that it "does not comply with high market standards and ASX". Representatives of the exchange emphasized, that the solution on the blockchain has problems as with a technological glass, and with management.

“ASX statement after many years of investment from the side as an exchange, So are the industries, Disappointing. ASX should pay attention to the development of a new plan to create a safe and reliable clearing and calculated infrastructure ", - the manager of the reserve bank of Australia Philip Law reacted (Philip Lowe).

Note, that stock exchanges around the world explore the capabilities of blockchain to create clearing platforms. The development of such platforms was reported by Exchange Tel Aviva, And the Nigerian stock exchange plans to launch the system on the blockchain next year.